The mansion at 79-81 Commodore Drive, Paradise Waters, has sold for $5.3 million.

A WATERFRONT mega-mansion that was once home to Gold Coast property kingpin Max Christmas has sold under the hammer – four years after it initially hit the market.

Local buyers snapped up the Paradise Waters property on Commodore Drive for $5.3 million at Ray White Surfers Paradise Group’s mid year auction event on Thursday.

The sale, which follows several failed attempts over the years, has resulted in a hefty profit for sellers Peter and Lisa Le Fanue, who paid $2.15 million for it 21 years ago.

A local buyer snapped up the sprawling residence.

There have been several failed attempts to sell the property over the past four years.

It was built for property veteran and former councillor Max Christmas in the 1980s by Soheil Abedian, who co-founded development company Sunland Group.

Property records show it has been listed on the market several times in the past four years, at one point with a $9.85 million price tag.

Ray White Prestige Gold Coast agent Jackson Paradise relisted the residence a month ago in a renewed push to sell it.

“We just changed the (marketing) strategy and it worked,” he said.

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It was built for Gold Coast real estate pioneer Max Christmas in the 1980s.

It has five bedrooms and seven bathrooms.

“There were three registered bidders there and it was sold to a local buyer.

“They’re going to move in.”

The prominent property has five bedrooms and seven bathrooms with a pool, spa and cabana outside.

There is also a separate guesthouse, boat house and jetty.

Mr Paradise said the prestige market had been revitalised in recent weeks.

“The prestige market is going from strength to strength,” he said.

“In the prestige areas, I think there’s been more and more buyers after the election and more confidence out there.”